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Inflows of Capital to Developing Countries in the 1990s

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Author Info
Calvo, Guillermo A
Leiderman, Leonardo
Reinhart, Carmen M

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Abstract

Half a decade has passed since the resurgence of international capital flows to many developing countries and history has, once again, shown that foreign investment is prone to repeated booms and busts. Mexico's 1994 crisis is but a recent example that highlights the vulnerability of capital-importing countries to abrupt reversals; thus, an aim of policy is to reduce that vulnerability. This paper discusses the principal causes, facts, and policies that have characterized capital inflows to Asia and Latin America. In particular, the authors examine what policies have proved useful in protecting these economies from the vagaries of international capital flow. Copyright 1996 by American Economic Association.

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Publisher Info
Article provided by American Economic Association in its journal Journal of Economic Perspectives.

Volume (Year): 10 (1996)
Issue (Month): 2 (Spring)
Pages: 123-39
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Handle: RePEc:aea:jecper:v:10:y:1996:i:2:p:123-39

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Baldwin, Richard E. & Lyons, Richard K., 1994. "Exchange rate hysteresis? Large versus small policy misalignments," European Economic Review, Elsevier, vol. 38(1), pages 1-22, January. [Downloadable!] (restricted)
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  2. Martin Feldstein & Charles Horioka, 1980. "Domestic Savings and International Capital Flows," NBER Working Papers 0310, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. Reinhart, Carmen & Calvo, Guillermo & Leiderman, Leonardo, 1994. "The capital inflows problem: Concepts and issues," MPRA Paper 13902, University Library of Munich, Germany. [Downloadable!]
    Other versions:
  4. Dornbusch, Rudiger, 1983. "Real Interest Rates, Home Goods, and Optimal External Borrowing," Journal of Political Economy, University of Chicago Press, vol. 91(1), pages 141-53, February. [Downloadable!] (restricted)
    Other versions:
  5. Jeffrey A. Frankel., 1993. "Sterilization of Money Inflows: Difficult (Calvo) or Easy (Reisen)?," Center for International and Development Economics Research (CIDER) Working Papers C93-024, University of California at Berkeley.
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  6. Montiel, Peter J., 1993. "Capital mobility in developing countries : some measurement issues and empirical estimates," Policy Research Working Paper Series 1103, The World Bank. [Downloadable!]
  7. Feenstra, Robert C, 1985. "Anticipated Devaluations, Currency Flight, and Direct Trade Controls in a Monetary Economy," American Economic Review, American Economic Association, vol. 75(3), pages 386-401, June.
  8. Adam Bennett & María Vicenta Carkovic S. & Susan Schadler & Robert Brandon Kahn, 1993. "Recent Experiences with Surges in Capital Inflows," IMF Occasional Papers 108, International Monetary Fund.
  9. Reinhart, Carmen & Vegh, Carlos, 1994. "Intertemporal consumption substitution and inflation stabilization:An empirical investigation," MPRA Paper 13427, University Library of Munich, Germany. [Downloadable!]
  10. Gooptu, Sudarshan, 1993. "Portfolio investment flows to emerging markets," Policy Research Working Paper Series 1117, The World Bank. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Michael Gavin & Ricardo Hausmann & Ernesto Talvi, 1997. "Saving Behavior in Latin America: Overview and Policy Issues," RES Working Papers 4070, Inter-American Development Bank, Research Department. [Downloadable!]
  2. Charles WYPLOSZ, 2001. "How Risky Is Financial Liberalization In The Developing Countries?," G-24 Discussion Papers 14, United Nations Conference on Trade and Development. [Downloadable!]
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  3. Jha, Raghbendra, 2001. "Macroeconomics of Fiscal Policy in Developing Countries," Departmental Working Papers 2001-05, Australian National University, Economics RSPAS. [Downloadable!]
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  4. Charlotte Christiansen & Angelo Ranaldo, 2007. "Extreme Coexceedances in New EU Member States’ Stock Markets," CREATES Research Papers 2007-34, School of Economics and Management, University of Aarhus. [Downloadable!]
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  5. Eugenio Diaz Bonilla & Hector E. Schamis, 1999. "The Political Economy of Exchange Rate Policies in Argentina," RES Working Papers 3078, Inter-American Development Bank, Research Department. [Downloadable!]
  6. Alemayehu Geda, 2006. "Openness, Inequality and Poverty in Africa," Working Papers 25, United Nations, Department of Economics and Social Affairs. [Downloadable!]
  7. Machiko Nissanke & Howard Stein, 2003. "Financial Globalization and Economic Development: Toward an Institutional Foundation," Eastern Economic Journal, Eastern Economic Association, vol. 29(2), pages 287-308, Spring. [Downloadable!]
  8. Michael Gavin & Ricardo Hausmann, 1997. "¿Fabricar o comprar? Enfoques de la integración de mercados financieros," RES Working Papers 4053, Inter-American Development Bank, Research Department. [Downloadable!]
  9. Enrique Mendoza, 2002. "¿Por qué deben las economías emergentes renunciar a su moneda nacional? El argumento a favor," RES Working Papers 4310, Inter-American Development Bank, Research Department. [Downloadable!]
  10. Giulio Cifarelli & Giovanna Paladino, 2007. "The buffer stock model redux? An analysis of the dynamics of foreign reserve accumulation," Working Papers Series wp2007_02.rdf, Universita' degli Studi di Firenze, Dipartimento di Scienze Economiche. [Downloadable!]
    Other versions:
  11. Charles van Marrewijk & Gus Garita, 2008. "Countries of a Feather flock together," Tinbergen Institute Discussion Papers 08-067/2, Tinbergen Institute, revised 19 Sep 2008. [Downloadable!]
  12. Helmut Wagner & Wolfram Berger, 2003. "Financial Globalization and Monetary Policy," DNB Staff Reports (discontinued) 95, Netherlands Central Bank. [Downloadable!]
  13. Pierre L. Siklos, 2008. "Determinants of Emerging Market Spreads: Domestic, Global Factors, and Volatility," Working Papers 182008, Hong Kong Institute for Monetary Research. [Downloadable!]
  14. Carmen M. Reinhart & Vincent R. Reinhart, 2008. "Capital Inflows and Reserve Accumulation: The Recent Evidence," NBER Working Papers 13842, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  15. Junning Cai & Byron Gangnes, 2004. "Open Capital Account: Concrete Wealth or Paper Wealth," International Finance 0401002, EconWPA. [Downloadable!]
  16. Michael Gavin & Ricardo Hausmann & Ernesto Talvi, 1997. "Conductas de ahorro en América Latina: panorámica general y aspectos de políticas," RES Working Papers 4071, Inter-American Development Bank, Research Department. [Downloadable!]
  17. Eugenio Diaz Bonilla & Hector E. Schamis, 1999. "La economía política de las políticas de cambio en Argentina," RES Working Papers 3079, Inter-American Development Bank, Research Department. [Downloadable!]
  18. Michael Gavin & Ricardo Hausmann, 1997. "Make or Buy? Approaches to Financial Market Integration," RES Working Papers 4052, Inter-American Development Bank, Research Department. [Downloadable!]
  19. Enrique Mendoza, 2002. "Why Should Emerging Economies Give Up National Currencies? A Case for Institutions Substitution," RES Working Papers 4309, Inter-American Development Bank, Research Department. [Downloadable!]
    Other versions:
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